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At Fed Conference, Concerns Surface Over Obama Administration's Performance

Posted on: Sat, 13 Jun 2009 13:05:00 EDT

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(RTTNews) - There is some doubt that the Obama Administration will be able to successfully reform the regulatory system, experts said at this week's Policy Summit held by the Cleveland Federal Reserve. Topics like how to deal with the foreclosure crisis and the future of regulation were addressed, revealing some debate about how much progress will actually be made.

At the conference NYU Stern Professor Lawrence White told RTTNews that he would give the Obama administration a B minus for their performance so far.

White said he is "disappointed" with Treasury Secretary Timothy Geithner's performance, specifically with the inability to get the Troubled Asset Relief Program, or TARP, off the ground. In addition, although the 19 bank stress tests "seems to have a happy ending," White said that might be just luck.

A potential Obama administration member Raphael Bostic, the nominee for Assistant Secretary for Policy Development and Research at Housing and Urban Development, noted some failures of previous administrations, and explained his vision for the housing market moving forward.

"We don't use our community based institutions as well as we couldÃ¢â"

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